Neuberger Berman Fund Management (China) Ltd said on 25 November it had obtained a business licence from the China Securities Regulatory Commission (CSRC), making it the second newly-established, wholly foreign-owned fund management company allowed to conduct mutual fund business in China.
"We are honoured to now be able to broadly serve Chinese investors in local markets. Our long-term investment performance and ESG leadership were at the core of our mutual fund company application", the company said in a social media statement.
Neuberger Berman first applied to set up a China mutual fund unit in April 2020 before receiving approval to do so from the CSRC in September 2021.
BlackRock already operates a fully-owned mutual funds business across China.
